Govt to borrow Rs 4.57 lakh cr to bridge fiscal deficit in FY15

The government today pegged its net borrowing for 2014-15 at Rs 4.57 lakh crore, Rs 11,580 crore less than the revised estimates of the current fiscal.

"The net market borrowing of the Central Government in 2014-15 is estimated to be Rs 4,57,321 crore," as per the interim Budget 2014-15, presented by Finance Minister P Chidambaram in Parliament.

During 2013-14, the government borrowed Rs 4,68,901.87 crore from the market.

The lower government borrowings will have a positive impact on the private sector. This is because government's lower borrowings next fiscal would make more resources available for the private sector.

The government today also said the fiscal deficit for the current financial year, ending March 31, will be contained at 4.6 per cent of GDP.

The fiscal deficit - the gap between expenditure and revenue - was 4.9 per cent of the GDP in 2012-13.

After talking over as Finance Minister in August 2012, Chidambaram had drawn up a financial consolidation road map to lower the fiscal deficit to 4.8 per cent of GDP in 2013-14, 4.2 per cent in 2014-15 and 3.6 per cent in 2015-16.

Presenting the Budget today, the Finance Minister also said that the GDP growth has improved and will be 4.9 per cent for the current financial year.

Economic growth had slowed to a decade's low of 4.5 per cent in 2012-13.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • If the first 17 editions of Saarc were tragedies, Kathmandu was a sham

    Rarely has a regional grouping such as the South Asian Association of Regional Cooperation (Saarc) promised so much and delivered so little.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

By the power of wind, let there be light

In India, the development of wind power began in the ...

Zehra Naqvi

Being unrealistic can be good for you

Depression is a term that most people use very casually ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture